Correlation Between Pulmonx Corp and BioSig Technologies,

Can any of the company-specific risk be diversified away by investing in both Pulmonx Corp and BioSig Technologies, at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining Pulmonx Corp and BioSig Technologies, into the same portfolio, which is an essential part of the fundamental portfolio management process.

By analyzing existing cross correlation between Pulmonx Corp and BioSig Technologies, Common, you can compare the effects of market volatilities on Pulmonx Corp and BioSig Technologies, and check how they will diversify away market risk if combined in the same portfolio for a given time horizon. You can also utilize pair trading strategies of matching a long position in Pulmonx Corp with a short position of BioSig Technologies,. Check out your portfolio center. Please also check ongoing floating volatility patterns of Pulmonx Corp and BioSig Technologies,.

Diversification Opportunities for Pulmonx Corp and BioSig Technologies,

-0.43

Correlation Coefficient

Pulmonx Corp  BioSig Technologies,

Very good diversification

The 3 months correlation between Pulmonx and BioSig is -0.43. Overlapping area represents the amount of risk that can be diversified away by holding Pulmonx Corp and BioSig Technologies, Common in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on BioSig Technologies, and Pulmonx Corp is a relative statistical measure of the degree to which these equity instruments tend to move together. The correlation coefficient measures the extent to which returns on Pulmonx Corp are associated (or correlated) with BioSig Technologies,. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of BioSig Technologies, has no effect on the direction of Pulmonx Corp i.e., Pulmonx Corp and BioSig Technologies, go up and down completely randomly.

Pair Corralation between Pulmonx Corp and BioSig Technologies,

Given the investment horizon of 90 days Pulmonx Corp is expected to generate 19.17 times less return on investment than BioSig Technologies,. But when comparing it to its historical volatility, Pulmonx Corp is 2.78 times less risky than BioSig Technologies,. It trades about 0.02 of its potential returns per unit of risk. BioSig Technologies, Common is currently generating about 0.14 of returns per unit of risk over similar time horizon. If you would invest  35.00  in BioSig Technologies, Common on September 22, 2024 and sell it today you would earn a total of  95.00  from holding BioSig Technologies, Common or generate 271.43% return on investment over 90 days.

Time Period	3 Months [change]
Direction	Moves Against
Strength	Very Weak
Accuracy	100.0%
Values	Daily Returns

Pulmonx Corp  vs.  BioSig Technologies, Common

Pulmonx Corp

Risk-Adjusted Performance

0 of 100

Very Weak

Over the last 90 days Pulmonx Corp has generated negative risk-adjusted returns adding no value to investors with long positions. Despite unsteady performance in the last few months, the Stock's basic indicators remain nearly stable which may send shares a bit higher in January 2025. The current disturbance may also be a sign of long-run up-swing for the company stockholders.

BioSig Technologies,

Risk-Adjusted Performance

16 of 100

Solid

Compared to the overall equity markets, risk-adjusted returns on investments in BioSig Technologies, Common are ranked lower than 16 (%) of all global equities and portfolios over the last 90 days. In spite of very unsteady technical and fundamental indicators, BioSig Technologies, displayed solid returns over the last few months and may actually be approaching a breakup point.

Pair Trading with Pulmonx Corp and BioSig Technologies,

The main advantage of trading using opposite Pulmonx Corp and BioSig Technologies, positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Pulmonx Corp position performs unexpectedly, BioSig Technologies, can make up some of the losses. Pair trading also minimizes risk from directional movements in the market. For example, if an entire industry or sector drops because of unexpected headlines, the short position in BioSig Technologies, will offset losses from the drop in BioSig Technologies,'s long position.

The idea behind Pulmonx Corp and BioSig Technologies, Common pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.

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Note that this page's information should be used as a complementary analysis to find the right mix of equity instruments to add to your existing portfolios or create a brand new portfolio. You can also try the Analyst Advice module to analyst recommendations and target price estimates broken down by several categories.